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EMC Prepares For Court Hearings on Nyngan Scandium Project Dispute
EMC Prepares For Court Hearings on Nyngan Scandium Project Dispute Reno, Nevada US, January ...
About this update from Scandium International Mining Corp.
[{"type":"text","content":"\nEMC Prepares For Court Hearings on Nyngan Scandium Project Dispute\n\nEMC Prepares For Court Hearings on Nyngan Scandium Project Dispute\nReno, Nevada US, January 21, 2013 /FSC/ - EMC Metals Corp. (EMC - TSX)(?the Project?)advises that the parties to the dispute over the Nyngan Scandium Project (\"the Project\"), EMC Metals and Jervois Mining Limited (JRV), will commence formal court hearings in the Supreme Court of Victoria, in Melbourne, Australia, beginning February 4, 2013.  All pleadings and witness statements have now been finalized and filed with the court, discovery continues, and a final pre-trial session with the Judge concerning trial process orders is scheduled for January 25th.  The pleadings are available from the Court in Melbourne.\nEMC previously announced on February 29, 2012, that it received notice of rejection from JRV stating that EMC did not meet a condition of its 50% earn-in under the February 2010 Exploration and Joint Venture Agreement (the \"Agreement\"), consequently losing any right to earn in or participate in the Project.  JRV also asserted that the Agreement was terminated.\nEMC maintains that all requirements for 50% earn-in were in fact met, and intends to vigorously prosecute its defense and counterclaim, seeking relief that includes both a declaration that EMC satisfied the earn-in conditions required, and a substantial damages award (up to US$100M) to compensate for loss and damage from wrongful termination.\nIn efforts to settle this matter, EMC has entered 'without prejudice' discussions with JRV to consider resolution ideas, participated in an unsuccessful court-ordered mediation, and subsequently made a public offer to JRV to buy out the Project, which was allowed by JRV to expire.  The upcoming court trial now remains the final process step open to EMC to pursue its rights to Project ownership.  A judgment is expected in Q2 2013. \nAbout EMC Metals\nEMC owns a 100% interest in the Springer tungsten mine in Nevada, USA.  The Company recently filed a NI 43-101 PEA on the Springer asset and is following a strategy of seeking a near term restart of the facility.  EMC also owns a 100% interest in the Carlin Vanadium property near Carlin, Nevada.  Both properties have current NI 43-101 Technical Reports filed on...